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Last time Alec Hogg chatted with David Marchant, he totted up Belvedere-related losses to around R4bn, in his opinion just the tip of the iceberg.
At Biznews, 2015 will be remembered as the year of the Belvedere Ponzi scheme.
Belvedere kingpins, South African-based Cobus Kellermann and David Cosgrove have received another big smack with an expose’ in today’s Wall Street Journal.
After authorities took over and froze Belvedere’s funds in Mauritius and Guernsey last month, yesterday its Cayman Islands operation suffered the same fate.
Kellermann has at least 13 classic cars worth an average of R1m a piece in a warehouse. Five are Ferraris – a Testarossa, two 355 GTS’s and two 348 TS’s.
Belvedere Buster David Marchant was vindicated by a lengthy affidavit and over 1 000 supporting documents from the Guernsey Financial Services Commission.
Here is Richard Smith’s updated take on Belvedere which he headlined: Belvedere Management and its $16Bn: Now Looking More Like a Huge Collapsing Scam.
Now comes a sad part when forensic investigators get inside the crumbling Belvedere empire. To borrow from Churchill, this is just the end of the beginning.
Guernsey Financial Services Commission today blocked the Belvedere duo’s attempt to sever a tentacle, rejecting the “unilateral surrender of the licence”.
A dynamite affidavit from the Guernsey Financial Services Commission shows how the Belvedere kingpins committed the worst crime a money manager can commit.